Vietnam receives its first investment-grade rating, easing access to cheaper financing

On October 8, Rating and Investment Information assigned Vietnam a BBB- rating, the first investment-grade assessment from a Japanese designated agency, and kept a stable outlook. The move reflects confidence in the nation’s roughly 9 percent growth in the first nine months of 2026 and ongoing reforms under the “Doi Moi 2.0” programme. Because R&I is recognised by Japan’s Financial Services Agency, institutions with a BBB- minimum can now consider Vietnamese sovereign debt, though the country still holds a BB+ rating from S&P, Moody’s and Fitch.

The rating could lower the regulatory risk weight on Vietnam’s foreign-currency bonds from 100 percent to 50 percent for banks using R&I’s score, reducing capital requirements. Experts say the upgrade may improve access for state-linked firms to Japanese investors and yen-denominated Samurai bonds, but broader market impact depends on further rating agency actions and domestic financing reforms.